On October 4, the European Commission (EC) adopted a delegated regulation (Delegated Regulation) containing regulatory technical standards (RTS) on risk mitigation techniques for uncleared over-the-counter derivatives, made under the European Market Infrastructure Regulation (EMIR).
The European Supervisory Authorities (ESAs, consisting of the European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) first submitted the draft RTS to the EC in March. In July, the EC confirmed its intention to endorse the RTS subject to amendments, and in September, the ESAs published a further opinion on the draft RTS.
The European Council and European Parliament will consider the Delegated Regulation and, once formally approved, it will go into effect 20 days following publication in the Official Journal of the European Union.
The EC’s accompanying press release can be found here.